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Resources Connection Inc (RECN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, May 30, 2015

Resources Connection Inc

CIK: 1084765 Ticker: RECN

Exhibit 99.1

Resources Connection, Inc. Reports Fourth Quarter and Year-End Results for Fiscal 2015

  • Company reports revenues of $148.8 million for fourth quarter, $590.6 million for fiscal year
  • Earnings per share increases to $0.21 in fourth quarter, $0.72 for fiscal year
  • Adjusted EBITDA* for fiscal year improves 21.7% to $60.6 million (10.3% of revenue)
  • Adjusted EBITDA* for fourth quarter improves 2.4% to $16.8 million (11.3% of revenue)
  • Company returns $8.9 million in capital to shareholders in fourth quarter and $38.0 million in fiscal 2015

*Adjusted EBITDA is defined as earnings before interest, income taxes, depreciation, amortization and stock-based compensation

IRVINE, Calif.--(BUSINESS WIRE)--July 16, 2015--Resources Connection, Inc. (NASDAQ: RECN) today announced financial results for its fiscal fourth quarter and year ended May 30, 2015. Resources Connection, Inc. (the “Company”) is a multinational professional services firm that provides to clients – through its operating subsidiary, Resources Global Professionals (“RGP”) – consulting services in the areas of accounting, finance, risk management and internal audit, corporate advisory, strategic communications and restructuring, information management, human capital, supply chain management, healthcare solutions, and legal and regulatory.

Revenue for the fourth quarter of fiscal 2015 increased 1.3% to $148.8 million compared to the prior year’s adjusted fourth quarter of $147.0 million. Since fiscal 2014 contained 53 weeks of operations, results for the fourth quarter of fiscal 2014 (a 14-week quarter) of $156.8 million include an extra week of revenue of approximately $9.8 million as compared to the fourth quarter of fiscal 2015 (a 13-week quarter). On a sequential basis, fourth quarter revenue was up 1.4% compared to $146.8 million in the third quarter of fiscal 2015.

Adjusting for the impact of currency fluctuations, fiscal 2015’s fourth quarter revenue would have been $153.4 million, up 4.4% quarter-over-quarter on a comparable 13-week basis, and revenue for the year would have been $599.4 million, up 7.6% on a comparable 52-week basis.

Revenue in the U.S. increased 3.4% on an adjusted quarter-over-quarter basis and was down 0.6% sequentially. International revenue decreased 7.2% on an adjusted quarter-over-quarter basis but improved 10.6% sequentially. Adjusting for the impact of currency fluctuations, the increase in international revenue adjusted quarter-over-quarter was 7.9% and the sequential increase was 14.5%.

The Company’s fourth quarter of fiscal 2015 net income improved 17.4% to $8.1 million, or $0.21 per diluted share, compared to the prior year’s fourth quarter of $6.9 million, or $0.18 per diluted share (which included severance and related charges for European personnel reductions totaling $2.0 million or $0.05 per diluted share).

“I am pleased with our results for fiscal 2015 which show good improvement in revenues, gross margin and adjusted EBITDA,” said Tony Cherbak, president and chief executive officer of RGP. “While we experienced some softness in weekly revenues in the latter part of the fourth quarter, the early weeks of the first quarter of fiscal 2016 have improved, approaching levels experienced early in the fourth quarter.”

Gross margin was 38.9% in the fourth quarter of both fiscal 2015 and 2014. Sequentially, gross margin improved 160 basis points from 37.3%, primarily due to the decrease in employer payroll taxes as the calendar year progresses and one fewer compensated holiday in the U.S. in the fourth quarter compared to the third quarter of fiscal 2015.

Selling, general and administrative expenses for the fourth quarter of fiscal 2015 were $42.5 million (28.5% of revenue) compared to the prior year fourth quarter amount of $46.2 million (29.5% of revenue) and $43.5 million in the preceding quarter (29.6% of revenue). The quarter-over-quarter decrease is primarily attributable to $1.7 million related to European severance charges and the extra week of activity in the fourth quarter of fiscal 2014; sequentially, the decrease is primarily due to lower payroll taxes as the calendar year progresses and lower marketing expenses.


The following information was filed by Resources Connection Inc (RECN) on Thursday, July 16, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Accrued Salaries And Related Obligations
Accrued Salaries And Related Obligations (details)
Accrued Salaries And Related Obligations (tables)
Benefit Plan
Benefit Plan (details)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Lease Commitments And Purchase Obligations) (details)
Commitments And Contingencies (tables)
Concentrations Of Credit Risk
Concentrations Of Credit Risk (details)
Description Of The Company And Its Business
Income Taxes
Income Taxes (narrative) (details)
Income Taxes (schedule Of Current And Deferred Income Tax Provision For Federal And State Income Taxes Attributable To Operations) (details)
Income Taxes (schedule Of Effective Income Tax Rate Reconciliation) (details)
Income Taxes (schedule Of Income Before Provision For Income Taxes) (details)
Income Taxes (schedule Of The Components Of Net Deferred Tax Asset) (details)
Income Taxes (summary Of Activity In Valuation Allowance) (details)
Income Taxes (summary Of Net Operating Loss Expiration Periods) (details)
Income Taxes (summary Of The Activity Related To Gross Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Intangible Assets And Goodwill
Intangible Assets And Goodwill (schedule Of Details Of Intangible Assets) (details)
Intangible Assets And Goodwill (schedule Of Intangible Assets Related Accumulated Amortization) (details)
Intangible Assets And Goodwill (summary Of Activity In Goodwill Balance) (details)
Intangible Assets And Goodwill (tables)
Property And Equipment
Property And Equipment (details)
Property And Equipment (tables)
Revolving Credit Agreement
Revolving Credit Agreement (details)
Segment Information And Enterprise Reporting
Segment Information And Enterprise Reporting (narrative) (details)
Segment Information And Enterprise Reporting (schedule Of Revenue From External Customers And Long-lived Assets, By Geographical Areas) (details)
Segment Information And Enterprise Reporting (tables)
Stock Based Compensation Plans (summary Of Impact Of Stock-based Compensation Plans) (details)
Stock-based Compensation Plans
Stock-based Compensation Plans (narrative) (details)
Stock-based Compensation Plans (schedule Of Share-based Payment Award, Valuation Assumptions) (details)
Stock-based Compensation Plans (summary Of Stock Option Activity) (details)
Stock-based Compensation Plans (tables)
Stockholders' Equity
Stockholders' Equity (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (calculation Of Net Income Per Share) (details)
Summary Of Significant Accounting Policies (components Of Short-term Investments) (details)
Summary Of Significant Accounting Policies (narrative) (details)
Summary Of Significant Accounting Policies (policy)
Summary Of Significant Accounting Policies (schedule Of Estimated Useful Lives Of Property And Equipment) (details)
Summary Of Significant Accounting Policies (summary Of The Activity In Allowance For Doubtful Accounts) (details)
Summary Of Significant Accounting Policies (tables)
Supplemental Disclosure Of Cash Flow Information
Supplemental Disclosure Of Cash Flow Information (details)
Supplemental Disclosure Of Cash Flow Information (tables)
Ticker: RECN
CIK: 1084765
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-263948
Submitted to the SEC: Mon Jul 27 2015 3:35:22 PM EST
Accepted by the SEC: Mon Jul 27 2015
Period: Saturday, May 30, 2015
Industry: Business Services

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